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Rasoya Proteins Ltd.

BSE: 531522 | NSE: RASOYPR | Series: NA | ISIN: INE904G01038 | SECTOR: Edible Oils & Solvent Extraction

BSE Live

Nov 05, 16:00
0.16 0.00 (0.00%)
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10
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Rasoya Proteins is not traded on BSE in the last 30 days

NSE Live

Nov 05, 15:32
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357,185
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    0.05

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Rasoya Proteins is not traded on NSE in the last 30 days

Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of RASOYA PROTEINS LIMITED as at 31st March, 2007, and also the Profit and Loss account of the Company for the year ended on that date, annexed hereto. These financial results are the responsibility of the management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) Order, 2004 (together the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of the books of records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in the paragraphs 4 & 5 of the said order. 4. Further to our comments in the Annexure referred to in paragraph 3 above we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; b) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of the books; c) The Balance Sheet, Profit & Loss Account & Cash Flow statement dealt with by this report are in agreement with the books of accounts maintained by the Company; d) In our opinion the Balance Sheet, Profit & Loss Account & Cash Flow 'Statement referred to in this report, comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e) On the basis of written representations received from the Directors, as on 31st March, 2007 and taken on record by the Board of Directors of the company, we report that none of the Directors is disqualified as on 31st March, 2007 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes in Schedule U give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2007; ii) in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date; and iii) in the case of the Cash Flow statement, of the cash flows for the year ended on that date. For V.N.BHUWANIA & CO. Chartered Accountants, (V.N.BHUWANIA) Proprietor M. No. 7068 Place: Nagpur Date: 30th April, 2007. Annexure (referred to in paragraph 3 of our Report of even date) As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) Order, 2004 and according to the information and explanations given to us during the course of the audit and on the basis of such checks as were considered appropriate, we report that: 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets; (b) As explained to us, the assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion, is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification. 2.(a) The inventories have been physically verified by the management during the year at reasonable intervals; b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business c) The company has maintained proper records of inventories and discrepancies noticed on physical verification of inventories as compared to book records were not material. 3. (a) The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the Register, maintained under Section 301 of the Companies Act, 1956. b) The rate of interest and other terms and conditions on which loans, if any, have been granted by the Company are not, prima facie, prejudicial to the interest of the Company. c) In respect of such loans granted by the Company, where stipulations have been made, the Repayment of principal amount and interest has been regular. d) In respect of loans granted by the Company, there are no overdue amounts more than Rs. 1,00,000 each. e) According to the information provided and explanations given, the Company has not received any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the act. f) The rate of interest and other terms and conditions on which such loans have been taken by the Company are not, prima facie, prejudicial to the interest of the Company. g) In respect of such loans granted by the Company, where stipulations have been made, the Repayment of principal amount and interest has been regular. 4. In our opinion & according to the information & explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. There is no continuing failure to correct major weaknesses in the internal control system. 5.(a) The transaction made in pursuance of contracts or arrangements, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been recorded in the register; (b) The transaction made in pursuance of contracts or arrangements, have been made at prices which are reasonable having regard to the prevailing market prices that were prevailing at the relevant time. 6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Sections 58A, 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 1975. 7. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and the nature of its business. 8. The Central Government has prescribed maintenance of the Cost Records under section 209(1)(d) of the Companies Act, 1956 in respect of the company's product. We have broadly reviewed the books and records maintained by the company in this connection and are of the opinion that, prima facie, the prescribed accounts and records have been maintained. However we have not carried out a detailed examination of the records with a view to determining whether they are accurate and complete. 9.(a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth-tax, Service Tax, Customs Duty, Excise Duty, cess and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31 st March, 2007 for a period more than six months from the date they became payable. b) According to the records of the company, the dues of sales tax, service tax, income tax, Customs Duty, Excise Duty, cess which have not been deposited on account of disputes and the forum where the dispute is pending are as under: Name of the statute Amount (Rs.) Period Forum where dispute is pending Maharashtra Sales Tax 10,54,632 2000-2001 Sales Tax Tribunal Maharashtra Sales Tax 21,33,243 2002-2003 Dy. Commissioner (Appeals) 10. There are no accumulated losses of the company as on 31st March, 2007. The Company has not incurred any cash losses in the current financial year and in the immediately preceding financial year. 11. Based on our audit procedures and the information & explanations given by the management, we are of the opinion that the company has not defaulted in repayment of its dues to any financial institutions, banks or debenture holders. 12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities. 13. Clause (xiii) of the order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi/Mutual Benefit Fund/Society. 14. The Company is not dealing or trading in shares, securities, debentures or other investment and hence, the requirements of Clause (xiv) are not applicable to the Company. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institution. 16. According to the information & explanations given to us by the management, term loans were applied for the purpose for which they were obtained. 17. According to the information & explanations given to us by the management, and on an overall examination of the Balance Sheet of the Company, we report that the funds raised on short-term basis have been used for short-term purposes. 18. During the year the company has made preferential allotment of shares/warrants on private placement basis to persons other than promoters, and the shares/warrants have been issued at a price which is not prejudicial to the interest of the Company. 19. No Debentures have been issued by the Company and hence, the question of creating securities in respect thereof does not arise. 20. The Company has not raised any money by way of public issues during the year and therefore the question of creating security in respect thereof does not arise. 21. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the year. For V.N.BHUWANIA & CO. Chartered Accountants, (V.N.BHUWANIA). Proprietor M. No. 7068 Place: Nagpur Date: 30th April, 2007.